Xiaomi's latest Mi 5 flagship phone packs the latest processor, a whopping 128GB of storage and a ceramic rear -- all for the ridiculously low price of 2,699 yuan, which converts to around $415, £295 or AU$575. That's the Pro version. The base model, with 32GB of onboard storage, will cost just 1,999 yuan or $305, £220 or AU$425, comes with a more mundane 3D glass rear.

The bad news? You can't get it unless you live in China, India or the other countries where Xiaomi sells its phones. That means that those living in the US, UK and Australia will just have to look on in envy as the rest of the world gets their hands on the phone.

Equipped with the Qualcomm Snapdragon 820 processor, the Mi 5 should have performance comparable with the LG G5 and the Samsung Galaxy S7. This bodes well for the company, as it's pushing for more global recognition.

And while the Mi 5 doesn't have standout features to match the G5's modular components or the low-light camera of the S7, the phone has everything you need, including NFC. That's right, Xiaomi's putting that feature back in its phones, and it supports mobile payments. Of course, it's likely limited to China for now.